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• Russia’s State Duma has passed a crypto bill in its first reading, seeking to establish a framework for crypto circulation, according to TASS.
• The bill would prohibit the use of crypto for domestic payments but allow its use in foreign economic activities.

Russia's State Duma, the lower house of the country's legislature, has passed a crypto bill on first reading, setting out a framework to regulate crypto market participants, according to state news agency TASS.

The proposed legislation designates the Bank of Russia as the authority responsible for licensing market participants and overseeing crypto activity in the country, TASS reported Tuesday.

It also outlines which entities — including exchanges, brokers, and other licensed financial institutions — are permitted to facilitate the circulation of cryptocurrencies.

The legislation establishes a simplified access procedure for entities already operating under the Bank of Russia's experimental legal regime, as well as for banks and brokers seeking to expand into crypto.

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